Carnival's Attractive Even With Lower Outlook

Carnival's CCL / CUK outlook for slower-than-expected yield growth in 2019 weighed on the shares after the cruise operator's fiscal fourth-quarter report. The company now expects 2019 constant-currency yield growth of just 1%, a significant slowdown from the 4% it was able to capture in 2018, but also a tick down from the implied first-half 2019 guidance offered last quarter. For now, all measures point to spending remaining healthy for U.S. consumers, which represent around half of Carnival's sourced customers.